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READ ME 
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This folder contains replication files for "Financial Advisors and Investors’ Bias."

The data for analysis cannot be shared publicly. Hence, a pseudo dataset is included to illustrate the format of the file read by the code.

The folder "pseudo_data" contains the pseudo data file "holdings.dta" which includes the following variables: 
- numero_compte: the id of the account (account number)
- profile: the profile of the client ("Highly Advised", "Lightly Advised", or "Not Advised")
- code_conseiller: the id of the advisor (missing if the client is not advised)
- code_valeur: the id of the asset in the portfolio 
- daily_date: the date (daily) 
- monthly_date: the date (monthly)
- beta_mkt_rf, beta_smb, beta_hml, beta_mom: the betas of the asset
- mkt_cap: the market cap of the asset 
- pam: the average purchasing price
- prccd: the close price of the asset
- quantite: the number of shares of the asset in the client's portfolio
- quantite_transaction: the number of shares of the asset traded on that day by the client (positive if buying, negative if selling)
- ret_next: the return of the asset on the next day
- ret_stock_month: the return of the asset in that month
- rol_vol: the volatility of the asset
- signal_comite: the recommendation of the firm on that stock (missing if no recommendation)
- alpha_4f: the 4-factor alpha of the stock  
- netflow_month: the net inflow in the account in that month

The folder "code" contains the code file "main_analysis.do" conducting the analyses in the paper.

